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Abu Dhabi National Oil Company (ADNOC) will sell a 15 percent stake in its logistics and shipping unit in an IPO, the second spin-off this year following the listing of ADNOC Gas.
The state oil company said in a statement on Wednesday that it will sell 1,109,774,817 shares, or 15 percent of ADNOC L&S’s total issued share capital.
Captain Abdulkareem Al Masabi, CEO of ADNOC L&S, said: “Our planned IPO presents an exciting opportunity to accelerate our growth, supporting the ADNOC Group in its ambitious growth strategy while further expanding the offering to our clients. services and explore new geographies and verticals.”
ADNOC L&S plans to pay a fixed cash dividend of $195 million in the second quarter and second half of 2023.
First Abu Dhabi Bank PJSC, Abu Dhabi Commercial Bank PJSC, EFG Hermes UAE LLC and HSBC Bank Middle East Ltd. are the joint lead managers for the IPO.
Subscriptions for the IPO are scheduled to open on May 16, at which time the company will announce a price range, with final pricing scheduled for May 25. ADNOC Logistics’ shares are expected to start trading on June 1, according to the statement.
(Reporting by Brinda Darasha; Editing by Seban Scaria)
(brinda.darasha@lseg.com)
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